Masdar has signed agreements with the Ministry of Energy of the Republic of Azerbaijan to develop 4GW of renewable energy and green hydrogen projects in the country.
Projects will include 1GW of solar power and 1GW of onshore wind as well as 2GW of offshore wind and green hydrogen capacity.
The agreement for onshore wind and solar projects include measures to study and strengthen the network and implement processes for the export of electricity.
The second agreement include measures to develop wind power for production and export, decarbonisation, hydrogen production and export.
An additional 6GW of capacity could be developed in the second phase, bringing the total capacity of the projects to 10GW.
Energy Minister Parviz Shahbazov said, “Today we are going to sign mega projects with Masdar in accordance with the green energy course of the President of Azerbaijan, which defines renewable energy sources as a strategic priority for the country’s development.
“These 4,000MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment.”
In 2021, Masdar increased capacity on its worldwide clean energy portfolio by 40% and has already signed agreements to explore and develop renewable and green hydrogen projects with a combined capacity of more than 10GW this year.